According to the 570 US executives surveyed, CFO Magazine reports that three-quarters of the organizations surveyed have increased the involvement of finance in the buying process, with the survey indicating that the top areas of involvement now include:
Of particular note, not only is the finance team involved in assuring business alignment and financial due diligence, but has advanced to now being involved in the evaluation and selection of vendors. And the criteria finance uses to make the vendor selection is different than most. Of 13 different factors, the most critical vendor selection factors indicated in the executive survey includes:
Best Practices for Connecting, Engaging and Selling to Finance Execs
With the economic uncertainty continuing into 2012, finance will maintain a strong and increasing involvement in purchase diligence and vendor selection. Finance is less emotionally involved in the purchase decision, requiring proof that your proposals show a clear understanding of the buyer’s challenges and issues, can deliver tangible bottom-line impact and ROI, and deliver superior competitive value. New content and engagement techniques need to be evolved to provide the diagnostics, ROI justification business case, superior value proof points and post-delivery success measures.